Documents also show the festival owes US $2.5 million to its creditors. Festival directors determined they were unable to meet the festival’s financial obligations as a result of decreased ticket sales and increased operating losses.

WATCH: 2017 Pemberton Festival goes bankrupt. Jill Bennett broke the story and has the details.

Organizers say they have collected $8,225,000 in ticket revenue so far this year. The budgeted expenses stand at $22,000,000.

Shareholders and investors funded several million dollars to cover the festival’s cash losses over the last three years.

Last summer, it was revealed a group of security guards were still owed money for working at the festival the year before.

In the minutes before today’s announcement, the festival’s website said all but the $369 regular tickets were sold out. Both the website and the festival’s Twitter account have now been scrapped.

WATCH: Why are so many music festivals failing?

Huka Entertainment, the promoter and planner for the cancelled festival, said in a statement:

“For the past four years, Huka Entertainment has worked to create a one-of-a-kind experience in the most beautiful place on earth. We are heartbroken to see the 2017 Pemberton Music Festival cancelled.

As a contract producer, Huka did not make the decision to cancel the festival. That decision was made by the Pemberton Music Festival, LP. We are extremely disappointed for our fans, artists and all of our partners who have supported the festival over the years.”

The summer camping music festival was supposed to take place July 13-16.

This year’s lineup included such high-profile performers as Muse, Chance the Rapper, A Tribe Called Quest and dozens of other acts.